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Saturday, November 14, 2026

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Q3 Earnings Updates

Q3 updates cover Crocs, Entravision and Fiserv beats, coal and oil weakness, and Xerox’s sharp decline, testing the underlying cases for recently featured stocks.

CROX $7.5BEVC $874M
Hidden Rock Capital's Newsletter

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DigiPowerX $DGXX said on October 13 that it "did not issue any shares" under its ATM program in Q3. $DGXX's Q3 10-Q, filed November 13, shows 2.85M shares issued for cash in Q3 for $11.3M, and counts them among the 30.8M shares it sold through the ATM in the first nine months of 2026. The share count rose 46% this year, from 69.4M at the end of 2025 to 101.4M as of November 12. The 10-Q also shows three details the Q3 earnings release left out: 1) Prepayment: Cerebras $CBRS, the AI chipmaker that's the tenant at $DGXX's Columbiana data center campus in Alabama, paid a $12M upfront charge in Q3 for building Phase 1. The charge can be refunded, less what's been spent on finished construction, in some cases before Phase 1 starts, including if $DGXX misses the final delivery date. 2) Spending: $145.5M went into property, equipment, and equipment deposits in the first nine months, paid for with $170.8M of net share sales. 3) GPUs: Equipment deposits rose to $23.9M from $8.5M at the end of 2025, and the 10-Q mentions next-generation $NVDA Vera Rubin systems $DGXX has "committed to purchase," without an amount. $DGXX's Q3 revenue rose 85% q/q to $12.2M, but its $1.0M of net income leaned on $8.6M of gains on its crypto and warrants. Cash was $95.2M and bitcoin and ether were $24.5M as of September 30. $DGXX also expects to close a $200M loan syndicated by Goldman Sachs $GS in Q4 2026 to finish Columbiana, with an unsecured $DGXX guarantee until construction is done. Even with the cash, crypto, and loan, $DGXX is ~$30M short of its 2027 plan (~$350M of capex, mostly for ~10 MW of AI inference capacity and Columbiana's Phase 2) before any Q4 2026 spending. $DGXX expects customer deposits and prepayments to be a main source of funding, and it has already sold $174.7M of the $175M its ATM prospectus covers. At $2.28/share, $DGXX's market cap is ~$231M, an EV of ~$112M after its cash and crypto. If Phase 1 is ready on December 15 as planned, Cerebras starts paying in January 2027, and its $12M prepayment can no longer be refunded.

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IEH Corporation: Research Note

IEH Corporation posted Q2 revenue growth of 51% to $10.7 million and a record $56 million backlog, led by defense and medical demand.

IEHC $78M
Atrium Research - Equity Research 3 clicks

Qure Anniversary Update

UniQure’s Huntington’s disease BLA has a May 1, 2027 priority-review date, with an FDA advisory committee expected in late first quarter.

QURE $1.7B
Triple S Special Situations Investing 2 clicks

Big Short: Fidelity & Guaranty

F&G’s main insurer held $66.5 billion of assets against $1.38 billion of statutory capital, while private credit, reinsurance dependence…

FG $3B
Mispriced Assets 5 clicks

PesoRama ($PESO.V) FINS Review

PesoRama’s 0.64 current ratio, operating cash burn and 111% annual dilution offset 36% Q1 revenue growth, despite replacing an 18.5% loan…

PSSOF $117M
Wolf's Substack 3 clicks

Everybody Sold the Power

Fermi, a $6 billion Texas power developer with 17 gigawatts of planned capacity, needs its first data-center lease before turbine financing…

FRMI $1.7B
Mispriced Assets 1 click

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